Homes in Adelaide are experiencing unprecedented demand compared to any other major city in Australia, with properties in some areas selling within just two weeks of first being listed on the market.
According to the latest data from PropTrack, homes in Greater Adelaide take slightly less time to sell than apartments, with houses selling in an average of 22 days compared to 23 days for units. Both figures are lower than the average recorded in any other capital city market.
Houses in the Australian Capital Territory rank second, with an average selling time of 25 days. On the other hand, apartments in the Australian Capital Territory appear to be the slowest in terms of sales pace, remaining on the market for an average of 49 days.
At the suburb level, the speed of sales is particularly evident in several areas of Adelaide. Properties in Blackwood and Bridgewater were sold in an average of just 14 days, while more than 12 other properties took between 15 and 16 days to change ownership.
Andrea Heading, Chief Executive of the Real Estate Institute of South Australia, stated that intense competition for the limited number of available properties is the main driver behind the rapid sales.
She noted that the buying cycle has accelerated significantly, with homes being sold almost immediately after being listed on the market, and auction clearance rates have also become extremely high.
Ms. Heading also pointed out that many potential buyers, particularly those searching for their first home, feel pressured to make quick purchasing decisions out of fear that prices will rise in the future. She added that now is the ideal time to buy, as prices are expected to continue increasing.
